US existing home sales down in August

By Gokhan Ergocun

ISTANBUL (AA) – Sales of existing home in the US fell 0.2% in August, but the number of houses sold beat market expectations.

The number of existing home sales totaled 4 million last month, The National Association of Realtors announced on Thursday.

The market expectation for existing home sales was 3.96 million.

The median home price in the US existing house market rose 2% year-on-year in August, reaching $422,600.

NAR Chief Economist Lawrence Yun said home sales have been stagnant for the past few years due to high mortgage rates and limited inventory.

Yun pointed out, however, that mortgage rates have been falling and more inventory is coming to the market, predicting that this will boost sales in the coming months.